Firms reported declining interest rates on bank loans, while indicating a slight further tightening of other lending conditions. The bank loan financing gap remained almost unchanged, with firms reporting a reduced need for such loans alongside a slight decrease in availability. Firms’ one-year-ahead median inflation expectations decreased slightly to 2.9%, down from 3%, while median inflation expectations three and five years ahead remained unchanged at 3.0%. In the most recent round of the Survey on the Access to Finance...

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Blog post by: Salih Fendoglu, Mahvash S. Qureshi, Felix Suntheim | Heightened tensions can hurt stock markets, raise government borrowing costs, and pose risks to financial stability Global geopolitical risks remain elevated, raising concerns about their potential impact on economic and financial stability. Shocks such as wars, diplomatic tensions, or terrorism can disrupt cross-border trade and investment. This can hurt asset prices, affect financial institutions, and curtail lending to the private sector, weighing on economic activity and posing a threat to financial stability. Such risks...

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The Cybersecurity Act strengthens the EU Agency for cybersecurity (ENISA) and establishes a cybersecurity certification framework for products and services. A new mandate for ENISA ENISA, the EU Agency for cybersecurity, is now stronger. The EU Cybersecurity Act grants a permanent mandate to the agency, and gives it more resources and new tasks. ENISA will have a key role in setting up and maintaining the European cybersecurity certification framework by preparing the technical ground for specific certification schemes. It will be in charge of informing the public on the...

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To become a global leader in artificial intelligence (AI) is the objective of the AI Continent Action Plan launched today. As set out by President von der Leyen at the AI Action Summit in February 2025 in Paris, this ambitious initiative is set to transform Europe's strong traditional industries and its exceptional talent pool into powerful engines of AI innovation and acceleration. The race for leadership in AI is far from over. From cutting-edge foundation models to specialised AI applications, the AI landscape in...

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Governments should renew their efforts to better design, deliver, and review regulation and regulatory processes, according to a new OECD report.  The Regulatory Policy Outlook 2025 - the OECD’s flagship publication on drafting laws and regulations, their implementation and review - highlights the efforts governments are making to advance policy objectives while adapting to rapid technological change and evolving policy environments. It identifies opportunities to reduce unnecessary regulations, while ensuring regulatory frameworks are focused on better outcomes for people, and contribute to...

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Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament It is a privilege to be here today to continue our discussion on the digital euro. There are many compelling arguments in favour of introducing a digital euro, and in my view they all converge on one fundamental principle: strengthening Europe’s strategic autonomy. Today I would like to discuss what strategic autonomy in day-to-day payments means in...

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Blog post by Emil Bandoni, Giorgia De Nora, Margherita Giuzio, Ellen Ryan and Manuela Storz | Institutional investors are increasingly active in housing markets across Europe. The ECB blog examines implications for house price growth and the transmission of monetary policy. Institutional investors have been shaking up Europe’s housing markets over the past decade: if you are renting in major cities like Paris, Dublin or Madrid, there is a good chance your landlord is an investment company, insurance corporation, or...

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Speech by Luis de Guindos, Vice-President of the ECB, at the International Federation of Accountants’ Chief Executives Forum Introduction It is a pleasure to be taking part in the International Federation of Accountants’ Chief Executives Forum today. In line with the topic of the event, I will reflect on the risks and uncertainty that threaten financial stability and their implications for policymakers. I will be brief to allow enough time to take your questions. Conceptually, risk is associated with situations where the exact...

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President Trump's announcement of universal tariffs on the whole world, including the EU, is a major blow to the world economy. I deeply regret this choice. Let's be clear-eyed about the immense consequences. The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe. Also for the most vulnerable countries, which are now subject to some of the highest US tariffs. The opposite of what we want to achieve. The...

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